 Program Strategy
This program is designed to assist participants in gaining control over their finances, whether it be for a major purchase such as a home or auto, to establish a personal savings account or to create an emergency fund in case of job loss. Ultimately, participants should be able to experience financial freedom and be able to account for their finances.
2009 Spring Series
Begins Monday, March 30, 2009
Day/Time: Two Monday sessions, 6:30-8:30 p.m.
One Saturday session, 9:00 a.m.-1:00 p.m.
Place: Clarence D. Lumpkin Point of Pride Building
1410 Cleveland Avenue (corner of Cleveland and Eleventh) (Map)
Call Mashelle to register! (614) 294-9600
Or email Mashelle@greaterlinden.org
Program Overview
The F.I.T.T. program consists of two Monday night class sessions, a Saturday class session, and an individualized one-on-one session with the F.I.T.T. counselor.
Session 1 – Budgeting/Credit
Students will learn the following:
- The purpose for a budget and why it’s necessary
- How to establish and maintain a budget (explore various budgeting systems)
- How to save for the down payment, home inspection and other mandatory costs if buying a home
- How to obtain free copies of their credit reports and how to understand the information contained in the report (Equifax, Experian & TransUnion)
- How to make corrections, settle outstanding debts, dispute incorrect items and add a consumer statement if necessary
- The importance of an emergency account
Each participant will schedule a minimum of one (1) session with the F.I.T.T. Counselor to discuss his or her current financial profile, develop a budget in accordance with personal goals and review his or her credit report. A strategy to clear up credit issues to achieve a higher credit score will be recommended by the F.I.T.T. Counselor. The participant will also be informed of how to effectively utilize existing credit and to establish new credit (secured cards) if necessary.
Session 2 – Banking/Savings & Investments
This session will contain the following:
- How to become ‘bankable’ and how to get out of check systems
- The benefits of banking versus check cashing establishments
- How to establish a checking/savings account and how to balance accounts
- Various methods to save money
- What an IDA account is
- The importance of participating in retirement plans
Session 3 – Independent Study Review/GL Savers Club/Power Hour/Certificate Celebration
At the conclusion of Session 2, students are given an assignment to research at least two (2) different Financial Literacy sites and two (2) different savings and investment programs. At Session 3, students review the information and determine which options provide the most benefit. Participants will be given an opportunity to join the Greater Linden Savers Club. Membership Rules & Regulations will be discussed and those who are interested will be enrolled. Quarterly newsletters will be sent to Savers Club members, and the top three individuals who save the most in a specific timeframe will be given a cash award. Partnerships with local banks will fund this program. During Power Hour, we will have a guest speaker present valuable information on various topics related to finances. Finally, a Certificate of Completion will be awarded to those who successfully complete all program requirements. The certificate is recognized by the WECO Fund, an IDA savings program that will match the students’ funds 3:1!
GLDC Financial Independence Today and Tomorrow
F.I.T.T. Financial Fitness Program
DETAILED SCHEDULE
Monday, March 30, 2009 – Budgeting/Credit
What is a budget and how to develop a comprehensive model. How to obtain and understand a credit report.
Monday, April 6, 2009 – Banking/Savings & Investments
How to become ‘bankable’ and get out of check systems. Establishing checking and savings accounts and various methods to save and/or invest money.
Saturday, April 18, 2009 - Independent Study Review/GL Savers Club/Power Hour/Certificate Celebration
Review homework assignments on financial literacy, savings and investments. Greater Linden Savers Club enrollment for interested participants. Guest speaker on selected financial topic. Certificate of Completion presentation.
NEXT SERIES BEGINS: Monday, March 30, 2009
Call 294-9600 or email Mashelle@greaterlinden.org to pre-register
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